TORONTO, March 13 /CNW/ - Eugene Melnyk today stated that, as a result of
his on-going dissatisfaction with Biovail Corporation (the "Company"), the
unsatisfactory financial performance of the Company and his lack of confidence
that the strategic review that has been announced will bring about any
meaningful improvement or enhance shareholder value, he intends to propose an
alternate slate of nominees for election to the Company's Board of Directors
at the upcoming annual meeting of shareholders. Mr. Melnyk also announced that
he will not personally be seeking election as a director of the Company or a
position of management within the Company.
Mr. Melnyk said he intends to prepare and mail a proxy circular
containing the relevant details concerning the replacement slate of nominees,
among other matters, in due course.
Mr. Melnyk stated that he reserves his right to modify his plans
described above, including the possibility of joining with a partner or
partners to acquire the remaining shares of the Company, selling all or a
portion of his current shares to a third party, continuing to hold his shares
for investment, or doing nothing.
For further information:
For further information: Duncan Fulton, Fleishman-Hillard Canada,
firstname.lastname@example.org or (416) 645-3655; or Michael Sitrick, Sitrick and
Company, email@example.com or (310) 788-2850